Incitations fiscales à l'endettement pour les institutions financières : une correction nécessaire ? avec Michael Troege
Jeudi 12 novembre 2015 de 8h30 à 10h00
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Incitations fiscales à l'endettement pour les institutions financières : une correction nécessaire ?
Speaker: Michael Troege - Professor of Finance at ESCP Europe - Member of Labex Refi
Addressing the pro-debt bias of corporate taxation is
now firmly on the policy agenda: US presidential candidates Marco
Rubio and Jeb Bush have proposed tax reforms that would make
interest non-deductible, the European Commission has expressed its
intention to make taxation leverage- neutral and the German
Ministry for Economy wants to make equity tax
deductible.
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Invitation
Présentation
These proposed tax reforms provide unique challenges
and opportunities for banks. From a regulatory point of view the
pro debt bias is particularly pernicious for financial institution
as it directly counters regulators’ efforts to increase the use of
equity.
This research contribution will review these recent reform proposals and discuss their relevance for the financial sector. We argue that a well-structured bank-specific tax reform is necessary to maintain the banks’ competitiveness in a world of increasing capital adequacy requirements and present the outlines of such a reform proposal.
Michael Troege received a master in Mathematics from the Ludwig MaximiliansUniversitätMünchen, a DESS in Finance from the Institutd’EtudesPolitiquesde Paris and a Ph.D. in Financial Economics from Humboldt UniversitätBerlin. Prior to joining ESCP Europe he was research associate at the WissenschaftszentrumBerlin (WZB) a government sponsored think tank and postdoctoral researcher at J.L. Kellogg Graduate School of Management at Northwestern University.
Professor Troege’sresearch focuses on game theory and commercial banking. In particular, he is studying the competitive interaction of banks in credit markets. In addition to his academic research, Professor Troege has hasparticipated as expert in the European Commission’s Sector Inquiry in Retail banking, served as a consultant and instructor for banks and multi-national corporations on topics ranging from antitrust to investment, financing, and valuation.
Contribution : 75€
This research contribution will review these recent reform proposals and discuss their relevance for the financial sector. We argue that a well-structured bank-specific tax reform is necessary to maintain the banks’ competitiveness in a world of increasing capital adequacy requirements and present the outlines of such a reform proposal.
Michael Troege received a master in Mathematics from the Ludwig MaximiliansUniversitätMünchen, a DESS in Finance from the Institutd’EtudesPolitiquesde Paris and a Ph.D. in Financial Economics from Humboldt UniversitätBerlin. Prior to joining ESCP Europe he was research associate at the WissenschaftszentrumBerlin (WZB) a government sponsored think tank and postdoctoral researcher at J.L. Kellogg Graduate School of Management at Northwestern University.
Professor Troege’sresearch focuses on game theory and commercial banking. In particular, he is studying the competitive interaction of banks in credit markets. In addition to his academic research, Professor Troege has hasparticipated as expert in the European Commission’s Sector Inquiry in Retail banking, served as a consultant and instructor for banks and multi-national corporations on topics ranging from antitrust to investment, financing, and valuation.
Contribution : 75€